GwH: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GwH
Largest movements
- Cash -€14,300
down €14,300 (-52.3%), from €27,366 to €13,067
mainly Tax, wage and social debts (-€9,707) and Current investments (-€7,501)
- Current investments +€7,501
up €7,501 (+10.7%), from €70,357 to €77,858
- Receivables within one year +€3,313
up €3,313 (+39.9%), from €8,307 to €11,620
of which Other amounts receivable: +€5,677
- Tax, wage and social debts -€9,707
down €9,707 (-77.5%), from €12,518 to €2,811
- Reserves +€7,600
up €7,600 (+8.7%), from €87,500 to €95,100
- Trade debts -€2,361
down €2,361 (-43.8%), from €5,395 to €3,033
- Gross operating margin -€19,753
down €19,753 (-63.0%), from €31,363 to €11,610
- Taxes -€4,440
down €4,440 (-51.2%), from €8,669 to €4,229
- Financial income +€1,663
up €1,663 (+364.1%), from €457 to €2,120
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €110,375 | €106,733 | -€3,642 | -3.3% |
| Fixed assets | 21/28 | €2,755 | €2,472 | -€283 | -10.3% |
| Tangible fixed assets | 22/27 | €2,650 | €2,367 | -€283 | -10.7% |
| Plant, machinery and equipment | 23 | €850 | €967 | +€117 | +13.7% |
| Furniture and vehicles | 24 | €1,800 | €1,400 | -€400 | -22.2% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €107,619 | €104,261 | -€3,359 | -3.1% |
| Amounts receivable within one year | 40/41 | €8,307 | €11,620 | +€3,313 | +39.9% |
| Trade receivables | 40 | €3,564 | €1,200 | -€2,364 | -66.3% |
| Other amounts receivable | 41 | €4,743 | €10,420 | +€5,677 | +119.7% |
| Current investments | 50/53 | €70,357 | €77,858 | +€7,501 | +10.7% |
| Cash at bank and in hand | 54/58 | €27,366 | €13,067 | -€14,300 | -52.3% |
| Deferred charges and accrued income | 490/1 | €1,589 | €1,716 | +€127 | +8.0% |
| Total equity and liabilities | 10/49 | €110,375 | €106,733 | -€3,642 | -3.3% |
| Equity | 10/15 | €92,462 | €100,111 | +€7,649 | +8.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €87,500 | €95,100 | +€7,600 | +8.7% |
| Distributable reserves | 133 | €87,500 | €95,100 | +€7,600 | +8.7% |
| Profit (loss) carried forward | 14 | €1,962 | €2,011 | +€49 | +2.5% |
| Amounts payable | 17/49 | €17,913 | €6,622 | -€11,291 | -63.0% |
| Amounts payable within one year | 42/48 | €17,913 | €6,622 | -€11,291 | -63.0% |
| Current portion of amounts payable after more than one year | 42 | - | €778 | +€778 | |
| Trade debts | 44 | €5,395 | €3,033 | -€2,361 | -43.8% |
| Suppliers | 440/4 | €5,395 | €3,033 | -€2,361 | -43.8% |
| Taxes, remuneration and social security | 45 | €12,518 | €2,811 | -€9,707 | -77.5% |
| Taxes | 450/3 | €12,518 | €2,811 | -€9,707 | -77.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €731 | €1,003 | +€272 | +37.2% |
| Other operating charges | 640/8 | €700 | €773 | +€73 | +10.5% |
| Gross operating margin | 9900 | €31,363 | €11,610 | -€19,753 | -63.0% |
| Operating profit (loss) | 9901 | €29,932 | €9,834 | -€20,099 | -67.1% |
| Financial income | 75/76B | €457 | €2,120 | +€1,663 | +364.1% |
| Recurring financial income | 75 | €457 | €2,120 | +€1,663 | +364.1% |
| Financial charges | 65/66B | €8 | €76 | +€68 | +847.9% |
| Recurring financial charges | 65 | €8 | €76 | +€68 | +847.9% |
| Profit (loss) for the period before taxes | 9903 | €30,381 | €11,878 | -€18,503 | -60.9% |
| Income taxes | 67/77 | €8,669 | €4,229 | -€4,440 | -51.2% |
| Profit (loss) for the period | 9904 | €21,712 | €7,649 | -€14,063 | -64.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,712 | €7,649 | -€14,063 | -64.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.